We keep track of your iConsumer stock that we haven’t yet delivered to you. The stock you earn goes through three phases.
First, it may be pending. For instance, it'll be pending if you earned stock through shopping, and your purchase may still be reversed. Or perhaps stock you've gotten through referrals is pending because the person you referred has a purchase that may still be returned and therefore reversed. Or, we may not have an open, effective, qualified offering, which means that we're not allowed to offer or issue you shares.
The second phase: once purchases or membership are final and irreversible, and we have an effective offering, we call your stock "earned."
The third phase: we actually deliver the stock by issuing and transferring
the stock in your name to our transfer agent, upon your request and assuming that we have an "effective offering"
allowing us to issue and transfer this stock. We utilize "book entry", which means that we never use paper certificates. There may be a fee associated with our issuing and transferring the stock to you. For more on certificates, please see this article
Once we receive your request, we'll show the request as "transfer pending". The process happens at the end of the month, and it takes about 2 - 3 weeks for the transfer agent to complete their role. For example, requests made anytime in April will generally be visible on the transfer agent books by the 15th of May.
IMPORTANT: In order to deliver your iConsumer stock to you, we must have your name, mailing address, a signed subscription agreement, and if you're a U.S. citizen or resident, your Social Security Number (SSN). These can be updated on the My Settings page. We may need a photo ID.
In the SEC regulated world of stock ownership, delivering stock to you is called “transferring” stock. The SEC mandates that we use a “Transfer Agent” to do that.
What's an Effective Offering?
iConsumer is only allowed to issue and transfer stock when that stock has been earned during a period when iConsumer has an effective offering. An active, open, qualified offering is called an effective offering.
Through February 12, 2018, we had an effective offering. Upon your request, we will issue and transfer any shares that were earned before that date. Between February 13, 2018 and May 23, 2018, we did not have an open offering. We are working with the SEC to make it possible for you to have earned shares during this period. Between May 24 and June 11, 2018, we did not have an effective offering, and you did not earn shares. As of June 13, 2018, we have an effective offering, and you are earning shares.
Post Delivery / What's a Transfer Agent?
It's a company whose sole job it is to keep track of shareholder records on behalf of its clients, like iConsumer. The SEC requires us to use a transfer agent. One of the things they can do for you is record if you sell your stock, or even if you gift it to somebody. They can transfer your stock into your brokerage account, like a TD Ameritrade, Schwab or eTrade account. They charge you or your broker for this service. We'll pick up $25 of that fee, so long as you're transferring at least 5,000 shares into your brokerage account.
I want to sell my stock.
Will I receive stock certificates?
To keep record keeping sane for 1,000,000 shareholders, we are only allowing "book entry” of the stock with the transfer agent. That means we do not issue physical pieces of papers to represent your ownership. That is, no official stock certificates. You may access a pretty PDF of a thing that looks like a stock certificate,by going to "My Stats
" and clicking on "Generate Stock Certificate". (NOTE: it isn't anything other than pretty!)
When can I request?
You can instruct us to deliver your earned stock. As of August 1, 2019 we'll transfer your shares without charge, so long as you are transferring a minimum of 1,000 shares.
Stock that we've marked "Earned" will be transferred. Stock marked "Pending" (usually stock you've earned from shopping that is waiting for stores' return periods to pass) cannot be transferred. And so you know, stock marked "Transferred" is no longer under our control. We’ve delivered it to you, so we have no way of knowing if you still own it or not. On our books, “Earned” stock is “unvested”, but when you instruct us to deliver it to you, it immediately vests.